OJK Sets Requirements for Share Buybacks and Public-to-Private Company Transitions Following Listing Cancellations

In order to fulfill the mandate set out under certain provisions of Regulation of the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) No. 3/POJK.04/2021 on the Organization of Activities Within the Capital Market Sector (“Regulation 3/2021”), the OJK has issued Circular No. 13/SEOJK.04/2023 (“Circular 13/2023”), which has been in force since 6 September 2023 and regulates the organization of public company share buybacks due to the cancellation of their listing on the stock exchange based on a significant condition or incident that is having a negative impact upon business continuity.[1]